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There are certain contracts made by a party with another and the performance of such a contract will be of benefit to the 3rd party. The beneficiary of a third-party contract can either be a creditor or a donee (as per 3rdt party contracts in Texas).
For example- A person can benefit by depositing funds in a joint account with the right of survivorship in the name of the depositor (the donor) and other (the donee).
In a joint tenancy of estate, the interest of the deceased tenant does not pass to the survivor, it ceases to exist. Hence, property advisor may recommend forming such joint tenancy of account to help the donor avoid inheritance tax (in US state Texas).
Depending on the jurisdiction and the various related facts, a court can categorize such gains into a gift, trust, joint tenancy and contract. The contract allows the surviving donor to take the entire account upon the death of the donor. In such conditions, the court requires the donor to give the proceeds of the account to the donee and necessary terms should be inferred from the facts.
To analyze different approaches used to allow the donee's recovery, one can use different methods like -
A person can be a third party donee beneficiary when the promise (the donor) contracts with the promisor (the bank) to have performance rendered to the donee, hence, conferring a gift upon the donee.
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